近日，晨鸣纸业发布2024年度财务报告，报告显示公司全年净亏损高达74.11亿元，这一数字较去年同 期的12.81亿元净亏损大幅扩大，引发了市场的广泛关注。 据财报数据显示，晨鸣纸业2024年营业收入为227.29亿元，同比减少14.58%。这一营收下滑与公司面临 的多重挑战密切相关。受到限产、停机检修等因素的影响，公司机制纸产量和销量均出现下滑，分别完 成427万吨和447万吨，较去年有所下降。此外，造纸行业整体供需矛盾突出，新增产能集中投放导致市 场供过于求，公司主要纸品价格特别是白卡纸价格大幅下滑，进一步挤压了公司的盈利空间。 晨鸣纸业的亏损不仅仅体现在净利润上，其财务状况也堪忧。财报显示，截至2024年末，公司及子公司 累计新增债务逾期达16.56亿元，占最近一期经审计归母净资产的18.09%。这一数字表明，公司在债务 管理方面面临巨大压力，逾期债务的增加可能进一步加剧公司的资金紧张状况。 值得注意的是，晨鸣纸业的资产负债率也处于较高水平。截至2024年末，公司资产负债率已接近80%。 高负债率不仅增加了公司的财务成本，还限制了公司的融资能力，使得公司在面对市场波动时更加脆 弱。 由于债务暴雷、出现流 ...

Financial Performance - The company reported its annual performance for the year ending December 31, 2024, in accordance with the Hong Kong Stock Exchange listing rules[3]. - The company's operating revenue for 2024 was CNY 22.73 billion, a decrease of 14.58% compared to CNY 26.61 billion in 2023[18]. - The net profit attributable to shareholders for 2024 was a loss of CNY 7.41 billion, representing a significant decline of 478.38% from a loss of CNY 1.28 billion in 2023[18]. - The net cash flow from operating activities decreased by 40.25% to CNY 2.62 billion in 2024, down from CNY 4.39 billion in 2023[18]. - The total assets at the end of 2024 were CNY 63.51 billion, a reduction of 20.10% from CNY 79.49 billion at the end of 2023[18]. - The net assets attributable to shareholders decreased by 45.15% to CNY 9.16 billion at the end of 2024, down from CNY 16.69 billion at the end of 2023[18]. - The basic earnings per share for 2024 was CNY -2.53, a decline of 462.22% from CNY -0.45 in 2023[18]. - The weighted average return on equity for 2024 was -57.25%, a decrease of 49.60 percentage points from -7.65% in 2023[18]. - The company incurred a net loss of RMB 7.41 billion attributable to shareholders, compared to a profit in the previous year[55]. - In 2024, the company's total revenue was RMB 22.73 billion, a decrease of 14.58% compared to RMB 26.61 billion in 2023[57]. Dividend and Shareholder Matters - The board of directors proposed not to distribute a final dividend for the fiscal year 2024, pending shareholder approval at the annual general meeting on May 15, 2025[6]. - The company has not announced any cash dividends, bonus shares, or capital increases from reserves for the current fiscal year[11]. - The company will suspend share transfer registration from May 12 to May 15, 2025, to determine the list of H-share shareholders eligible to attend the annual general meeting[7]. Risks and Challenges - The company faced risks from macroeconomic fluctuations, national policies, and industry competition, which could impact future performance[10]. - The company has indicated uncertainty regarding its ability to continue as a going concern due to negative net profits in recent years[19]. - The company faced challenges due to a significant drop in white cardboard prices, leading to weakened profitability and losses[31]. - The company is facing temporary liquidity tightness and overdue debts in 2024 due to declining product prices and reduced loan sizes from financial institutions, but plans to mitigate debt risks through various measures[103]. Operational Strategies - The company plans to enhance its market expansion strategies and explore new product development opportunities[10]. - The company has implemented production restrictions and maintenance on some production bases since November to reduce losses[31]. - The company is actively pursuing the disposal of non-core assets to improve liquidity and has formed an asset management center to enhance asset disposal efficiency[33]. - The company is engaging with strategic investors to secure operational funding for resuming production[34]. - The company aims to optimize product structure and strengthen cost management to improve operational quality[55]. - The company plans to enhance customer satisfaction and market share through the development of various new product technologies[70]. Research and Development - The company has established multiple leading innovation research platforms, including a national enterprise technology center and a postdoctoral research station, to enhance its technological capabilities[40]. - Research and development projects include the development of high-end kitchen paper technology, aimed at increasing product functionality and market share[70]. - R&D expenditure amounted to ¥1,080,331,754.42 in 2024, a decrease of 7.22% compared to ¥1,164,419,698.13 in 2023, while the proportion of R&D expenditure to operating revenue increased from 4.38% to 4.75%[71]. Governance and Management - The company’s governance structure complies with the relevant regulations and standards set by the China Securities Regulatory Commission and stock exchanges[159]. - The board of directors consists of 10 members, including 4 independent directors, and held 10 meetings during the reporting period[162]. - The company has a structured approach to governance, with clear roles and responsibilities outlined for its board members and executives[186]. - The company has not faced any penalties from securities regulatory authorities in the past three years, reflecting compliance and governance integrity[184]. - The company emphasizes the importance of governance with a diverse board composition, including professionals from finance, law, and academia[178]. Environmental and Social Responsibility - The company invested over RMB 8 billion in environmental protection initiatives, including advanced pollution control systems[54]. - The company is committed to green development and aims to establish itself as a benchmark for resource-saving and environmentally friendly enterprises[100]. - The company has implemented advanced water recycling technology, achieving over 75% reuse rate of treated water, in response to increasing environmental regulations[109]. Market Conditions - The white card paper industry is facing significant challenges, with prices remaining in a downward trend due to increased supply and sluggish demand[38]. - The paper industry is experiencing price pressure due to increased supply and weak demand, with expectations for production growth in 2025[99]. - The company anticipates that the supply-demand imbalance in the paper industry will ease, leading to improved market conditions by 2025[101]. Employee Matters - The total number of employees at the end of the reporting period is 9,594, with 2,041 in the parent company and 6,847 in major subsidiaries[198]. - Employee compensation includes salaries, bonuses, and various benefits, determined based on market levels, social averages, and government guidelines[200]. - The educational background of employees shows 24 with postgraduate degrees or above, 793 with bachelor's degrees, 2,161 with associate degrees, and 6,616 with vocational or lower education levels[198].

Core Viewpoint - Morning Paper Industry reported a significant loss in 2024, with revenue of 22.729 billion yuan and a net loss of 7.411 billion yuan, while net assets stood at 9.156 billion yuan by the end of 2024 [1] Company Summary - The company is implementing a dual strategy of "stopping the bleeding and generating blood" to address financial difficulties, supported by government and financial institutions [2][4] - Morning Paper Industry is focusing on strategic adjustments and operational improvements, including production resumption plans, cost control, market expansion, and asset disposal [2][3] - Internal management is being restructured to achieve a flatter organization, optimize personnel allocation, and enhance operational efficiency [3] - The company has established a provincial-level creditor committee with financial creditors to facilitate debt restructuring and maintain stable credit lines [4] Industry Summary - The paper industry is facing challenges such as environmental regulations, changing market demand, and increased competition, leading to price pressures and declining profit margins [2][8] - There is a recent trend of recovery in the global paper industry, with expectations of price increases for cultural and packaging paper [6][7] - The cost of raw materials, particularly wood pulp, has stabilized and begun to rise, which may help mitigate some cost pressures for companies like Morning Paper Industry [7] - Government policies aimed at boosting consumption are expected to improve market demand for paper products, contributing to a potential recovery in the industry [6][8]

关于开展应收账款保理业务的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 一、交易概述 为满足山东晨鸣纸业集团股份有限公司（以下简称"公司"）业务发展需求，提高资 金使用效率，公司及合并报表范围内控股子公司拟与国内商业银行、商业保理公司等具备 相关业务资格的机构（以下简称"合作机构"）开展应收账款保理业务，保理融资额度不 超过人民币 30 亿元，具体每笔保理业务金额及期限以单项保理合同约定期限为准。 证券代码： 000488 200488 证券简称：ST 晨鸣 ST 晨鸣 B 公告编号：2025-018 山东晨鸣纸业集团股份有限公司 4、保理融资金额：保理融资金额总计不超过人民币 30 亿元。 5、保理方式：应收账款债权无追索权保理方式及应收账款债权有追索权保理方式。 6、保理融资利息：根据市场费率水平由双方协商确定。 7、主要责任及说明： （1）开展应收账款有追索权保理业务，公司或合并报表范围内控股子公司应继续履行 服务合同项下的其他所有义务，并对有追索权保理业务融资对应的应收账款承担偿还责任， 合作机构若在约定期限内不能足额收到应收账款、融资利息，则 ...

山东晨鸣纸业集团股份有限公司 2024 年度内部控制自我评价报告 山东晨鸣纸业集团股份有限公司全体股东： 根据公司非财务报告内部控制重大缺陷认定情况，于内部控制评价报告基准日，未 1 发现非财务报告内部控制重大缺陷。自内部控制评价报告基准日至内部控制评价报告发 出日之间未发生影响内部控制有效性评价结论的因素。 根据《企业内部控制基本规范》及其配套指引的规定和其他内部控制监管要求（以 下简称"企业内部控制规范体系"），结合本公司（以下简称"公司"）内部控制制度 和评价办法，在内部控制日常监督和专项监督的基础上，我们对公司2024年12月31日（内 部控制评价报告基准日）的内部控制有效性进行了评价。 一、重要声明 按照企业内部控制规范体系的规定，建立健全和有效实施内部控制，评价其有效性， 并如实披露内部控制评价报告是公司董事会的责任。监事会对董事会建立和实施内部控 制进行监督。经理层负责组织领导企业内部控制的日常运行。公司董事会、监事会及高 级管理人员保证本报告内容不存在任何虚假记载、误导性陈述或重大遗漏，并对报告内 容的真实性、准确性和完整性承担个别及连带法律责任。 公司内部控制的目标是合理保证经营管理合法合规 ...

山东晨鸣纸业集团股份有限公司 （二）修订治理制度 报告期内，公司根据《上市公司独立董事管理办法》、《深圳证券交易所股票上市 规则》、《上市公司自律监管指引第 1 号——主板上市公司规范运作》等法律法规、规 范性文件的相关规定，结合公司实际情况，对《公司章程》、《董事会议事规则》、《股 东大会议事规则》、《独立董事管理办法》、《董事会审计委员会实施细则》、《董事 会提名委员会实施细则》、《董事会薪酬与考核委员会实施细则》、《独立董事年报工 作制度》等治理制度进行了修订，进一步提高公司的规范治理水平。 （三）董事会会议召开情况 二〇二四年度董事会工作报告 2024年，山东晨鸣纸业集团股份有限公司（以下简称"公司"）董事会严格按照《公 司法》、《证券法》、《深圳证券交易所股票上市规则》、《香港联合交易所有限公司 证券上市规则》等相关法律法规以及《公司章程》、《董事会议事规则》等公司规章制 度的规定，勤勉忠实地履行各项职责，积极有效地开展董事会各项工作，严格执行股东 大会各项决议，促进公司规范运作，提升公司治理水平。 一、2024 年度公司经营情况 近年来，造纸行业面临严峻的市场环境，新增产能集中投放导致短期内供需矛 ...

证券代码：000488 200488 证券简称： ST 晨鸣 ST 晨鸣 B 公告编号：2025-020 山东晨鸣纸业集团股份有限公司 关于 2025 年度预计为子公司提供担保额度的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 特别提示： 截至本公告披露日，公司及控股子公司对外担保总余额超过最近一期经审计净资产 100%，其中，对合并报表内单位提供的担保余额占公司最近一期经审计净资产的 211.16%， 对合并报表外单位提供的担保余额占公司最近一期经审计净资产的 9.00%。 敬请投资者注 意投资风险，理性投资。 一、担保情况概述 1、担保基本情况 为了满足山东晨鸣纸业集团股份有限公司（以下简称"公司"或"晨鸣纸业"）及子 公司的生产经营资金需求和业务发展需要，保证子公司生产经营活动的顺利开展，2025 年 公司拟为公司合并报表范围内子公司提供的担保额度不超过人民币 366.80 亿元（其中，公 司对资产负债率 70%（含）以下的子公司提供担保的额度不超过人民币 223.50 亿元，对资 产负债率 70%以上的子公司提供担保的额度不超过人民币 143. ...

山东晨鸣纸业集团股份有限公司 关于举行 2024 年度网上业绩说明会的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 山东晨鸣纸业集团股份有限公司（以下简称"公司"）于 2025 年 4 月 1 日在巨潮资讯 网（http://www.cninfo.com.cn）披露了《2024 年年度报告》，为了便于广大投资者深入了 解公司 2024 年年度业绩和经营情况，公司拟于 2025 年 4 月 7 日 15:00-16:00 召开 2024 年 度业绩说明会（以下简称"业绩说明会"），具体安排如下： 证券代码：000488 200488 证券简称：ST 晨鸣 ST 晨鸣 B 公告编号：2025-015 （三）参会人员：公司董事长胡长青先生、董事兼总经理李伟先先生、独立非执行董 事尹美群女士、财务总监董连明先生以及董事会秘书袁西坤先生。 二、投资者参加方式 （一）投资者可于 2025 年 4 月 7 日 15:00-16:00 登陆"全景网·投资者关系互动平台" （http://ir.p5w.net）参与业绩说明会，公司将通过该平台及时回答投资者的提问。 （二 ...

证券代码：000488 200488 证券简称： ST 晨鸣 ST 晨鸣 B 公告编号：2025-028 山东晨鸣纸业集团股份有限公司 关于公司股票被叠加实施其他风险警示的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 特别提示： 1、由于公司部分生产基地停机检修满 3 个月，触及《深圳证券交易所股票上市规 则》第 9.8.1 条第（五）款规定情形，公司股票交易于 2025 年 2 月 21 日被实施其他风 险警示。 2、公司 2022 年至 2024 年度连续三个会计年度扣除非经常性损益前后净利润孰低 者均为负值，且 2024 年度审计报告显示公司持续经营能力存在不确定性，根据《深圳 证券交易所股票上市规则》第 9.8.1 条（七）款规定，公司股票将被叠加实施其他风险 警示。 3、公司 2024 年度内部控制报告被出具否定意见的审计报告，根据《深圳证券交 易所股票上市规则》第 9.8.1 条（四）款规定，公司股票将被叠加实施其他风险警示。 4、公司股票将于 2025 年 4 月 1 日起被叠加实施其他风险警示，A 股的证券简称 仍为"ST 晨鸣"，证券 ...

山东晨鸣纸业集团股份有限公司 营业收入扣除情况表 专项核查报告 故同会计 骑乡 致同会计师事务所(特殊普通合伙) 目 录 专项核查报告 1-2 公司 2024年度营业收入扣除情况表及说明 致同专字(2025)第 371A004208 号 山东晨鸣纸业集团股份有限公司全体股东: 我们接受委托,在审计了山东晨鸣纸业集团股份有限公司(以下简称 "晨鸣纸业公司")2024年12月31日的合并及公司资产负债表,2024年度的 合并及公司利润表、合并及公司现金流量表、合并及公司股东权益变动表以 及财务报表附注的基础上,对后附的《山东晨鸣纸业集团股份有限公司 2024 年度营业收入扣除情况表及说明》(以下简称"营业收入扣除情况表")进 行了专项核查。 按照《深圳证券交易所股票上市规则》(以下简称"上市规则")和 《深圳证券交易所上市公司自律监管指南第1号 -- 业务办理》(以下简称 "自律监管指南")的有关规定,编制营业收入扣除情况表,保证其内容真 实、准确、完整,不存在虚假记录、误导性陈述或重大遗漏是晨鸣纸业公司 管理层的责任,我们的责任是在实施核查工作的基础上对晨鸣纸业公司管理 层编制的营业收入扣除情况表提出鉴证结论。 ...